"22 February 2020" Archive

CBIC enables filing of GSTR-9 and GSTR-9C for financial year 2018-19

The Central Board of Indirect Taxes and Customs (CBIC) enabled the option to file GSTR-9 and GSTR-9C for the financial year 2018-19. GSTR-9 is an annual return to be filed yearly by taxpayers registered under GST. It consists of details regarding the outward and inward supplies made/received during the relevant previous year under differe...

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Dormant Company – Section 455 – Companies Act 2013

Article explains How to Voluntarily Obtain Status of Dormant Company-Steps, Company Which can be declared Dormant By Registrar, Steps to apply for ACTIVE COMPANY Status by Dormant Company, Documents required for obtaining status of Dormant Company, Compliances to be done by a Company after Obtaining Status of Dormant Company and Companies...

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What will be the GST TAX rate on supply of Lottery Tickets?

Explanation of Notification No. 01/2020 Dt. 21.02.2020 of Central Tax (Rate). Such Notification is Deal with GST Rate on Supply of Lottery. Lottery Tickets:- ‘Lottery Tickets ‘ is an actionable ticket and is graded under GST as ‘ Goods. ‘ According to Schedule III, however, Actionable Payment does not include any d...

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Section 272AA Penalty for failure in complying with provisions of section 133B

The penalty provisions of section 272AA of the Income Tax Act gets applicable only in case the person fails to comply with the provisions of section 133B of the Income Tax Act. The present article tries to explain provisions of section 272AA along with the connecting provisions of section 133B. Understanding penalty provisions of section ...

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Reopening of assessment after expiry of limitation period & based on change of opinion is invalid

Krutika Developers P. Ltd. Vs ITO (ITAT Ahmedabad)

The interdiction in the proviso appended to section 147 puts an embargo in the exercise of power at the end of the AO in cases where scrutiny assessment has taken place and four years have expired from the end of relevant assessment year. In such cases, the assessment cannot be reopened unless it its demonstrated that income has escaped a...

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ITAT imposes penalty on appellant for not appearing before AO & CIT(A)

Tariqrashid M. Munshi Vs ITO (ITAT Ahmedabad)

Tariqrashid M. Munshi Vs I.T.O (ITAT Ahmedabad) ITAT held that assessee deserve to be penalized for non-appearance before theCIT (A) and Assessing Officer and  imposes penalty of Rs. 5000/- upon the assessee and instructed him to deposit the same in the Income Tax Office before the commencement of his proceedings before the AO. FULL TEXT...

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Donation for Scientific Research cannot be treated as Bogus when doneee confirms use for such Purpose

PCIT Vs M/s Thakkar Covidbhai Ganpatlal HUF (Gujarat High Court)

The Expenses incurred on a Donation made through Banking Channel used for Scientific Research will be allowed to the assessee as Herbicure Foundation has confirmed that the amount has been utilized for scientific research and there is no evidence that the same is returned back in cash....

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Limitation Period to issue scrutiny notice for defective ITR is from due date of filling original ITR

Kunal Structure (India) Private Limited Vs DCIT (Gujarat High Court)

Limitation period for issuance of scrutiny notice under ­section 143(2) on filing of defective returns was to be considered from the date of filing of the original return as upon removing of  defects, the return would relate back to the date of filing of the original return thus, the notice under section 143(2) was issued beyond the per...

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Summary of Direct Tax Proposals Budget 2020

DIRECT TAX PROPOSALS ♦ New Tax Slabs for Individuals and HUF (Section 115BAC) Finance Bill proposes to give an option to Individuals and HUF to compute the tax liable on income earned at the rate and as per the procedure mentioned below: Income Slab Existing Rate New Tax Rate 0-2,50,000 0% 0% 2,50,000-5,00,000 5% (Rebate […]...

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Compare tax benefit under existing & new tax scheme easily

An easy way to compare our tax benefit under existing & new tax scheme based on your keen to investment An easy way to compare our tax benefit under existing & new tax scheme based on your keen to investment The Finance Minister placed the Finance Bill 2020 in the Lok Sabha with proposal of […]...

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July 2021